Los Angeles Business Journal

Home Construction Soars, Mortgage Applications Fall Amid Uncertainty

Wednesday, December 18, 2013

U.S. builders broke ground on homes last month at the fastest pace in more than five years, which the Associated Press reports may be strong evidence that the housing recovery is accelerating despite higher mortgage rates. But CNBC reports that the rate increase likely contributed to mortgage applications falling 5.5 percent in the past week, to the lowest level in more than 12 years.